I think you can argue that the ball must be in the glove of the pitcher, not in her throwing hand. So if she catches the ball outside of the circle, transfers it to her throwing hand and enters the circle the look back wouldn't be in effect. What say the blues here?
Well, that would be incorrect if talking ASA. The rule for ASA is quoted:
The "Look Back" rule shall be in effect for all runners when the ball is live, the batter-runner has touched first base or has been declared out, and the pitcher has possession and control of the ball within the pitcher's circle. The pitcher is considered to be in the pitcher's circle when both feet are on or within the lines.
That's rule 8-7 T. No mention about being in glove or hand, just having control and within the circle. I would not take off the LBR just because it was in her throwing hand and she was standing there. There is a portion of the rule 8-7(T)e that states if a play is made on any runner (a fake throw is considered a play) that the LBR is off. So, that probably covers what you may have been thinking.